ICICI Lombard CEO Bhargav Dasgupta Tenders Resignation, Shares In Focus

ICICI Lombard General Insurance said in an exchange filing on Thursday (September 21) that its Managing Director and CEO Bhargav Dasgupta has stepped down from his post after serving the company for 14 years to pursue a career opportunity outside the country. The company said, "The Board of Directors of the Company has taken note of the resignation of Mr. Bhargav Dasgupta from the position of Managing Director & CEO of the Company."

According to the company, Dasgupta shall be officiating his responsibilities till his last working date, which shall be intimated in due course of time. The Company is in the process of filling up the resultant vacancy.

In his resignation letter forwarded to the board, Dasgupta said that it was an honour to lead ICICI Lombard for more than 14 years and serve 32 million policyholders who had faith in the company for their insurance needs. Appreciating the collective efforts he said that the company has grown to be the second largest insurance company in the country - growing revenues six times and net profit 78 times over these 14 years.

The share price of ICICI Lombard General Insurance last closed 1.28% lower at Rs 1357.35 per share.